J&K women welcome stamp duty exemption for buying property

first_imgWomen in Jammu and Kashmir have welcomed the decision by the State government to approve zero percent stamp duty on the purchase of property by them.“It’s a welcome step. The move will help women scale up the social ladder in J&K,” said Nazia Ashraf, a businesswoman.The Cabinet on Friday approved to levy a stamp duty of 5% for buyers in urban areas and 3% in rural areas. “However, it is zero percent if the property in both urban as well as rural areas is registered in the name of a female member of the family,” reads the Cabinet decision, approved by Chief Minister Mehbooba Mufti on Friday evening.Earlier, the stamp duty was at seven percent.Ms. Mufti claimed women in J&K, as of now, owned bare minimum immovable assets even after contributing the maximum to the society. “This incentive will encourage families to register their properties in the name of their sisters, daughters, wives and mothers,” said Ms. Mufti.Former finance minister and MLA Rajpora Hasseb Drabu described the government move as a creative way of empowerment by market incentives. “It will help gender balancing of social power relations,” said Mr. Drabu.According to the 2011 census, there are 859 females per 1000 males in J&K and female literacy rate stands at 58.01 percent.last_img read more